MICHIGAN LIFE AND HEALTH FINAL EXAM / 80+ QUESTIONS AND CORRECT ANSWERS 2023/2024 / GRADED A+. Final Exam-Michigan Life and Health 1. What amount will be paid under a policy where the insured misstated his/her age?: an amount the premium would have purchased at the correct age 2. the acceptance of ...
MICHIGAN LIFE AND HEALTH FINAL EXAM / 80+
QUESTIONS AND CORRECT ANSWERS 2023/2024 /
GRADED A+
,MICHIGAN LIFE AND HEALTH FINAL EXAM / 80+
QUESTIONS AND CORRECT ANSWERS 2023/2024 /
GRADED A+
What amount will be paid under a policy where the insured misstated his/her age? -
Answer- an amount the premium would have purchased at the correct age
the acceptance of a credit life application requires the submission of a certificate of
insurance to the insured within_____ days - Answer- 30 days
which of these is considered to be a Living benefit option in a life insurance policy -
Answer- Accelerated death benefit
loans obtained by a policy owner against the cash value of a life insurance policy -
Answer- would not be treated as taxable income
A long term care policy typically provides all of the following levels of care EXCEPT -
Answer- acute care
the elimination period under a hospital indemnity plan is - Answer- the specific # of days
an insured must wait before becoming eligible to receive benefits for each
hospitalization
what is an insurance policy's grace period? - Answer- Period of time after the premium
is due but the policy remains in force
How do interest earnings accumulate in a deferred annuity - Answer- On a tax-deferred
basis
a licensee who is required to take continuing education Must include how many ethics
coursework hours - Answer- 3
the automatic premium loan provision authorizes an insurer to withdraw from a policy's
cash value the amount of - Answer- Past due premiums that have not been paid by the
end of the grace period
health insurance involves two perils, accident and ______ - Answer- sickness
Who is responsible for assembling the policy forms for insureds - Answer- Insurance
carriers
a securities license is required for a life insurance producer to sell - Answer- variable life
insurance
, MICHIGAN LIFE AND HEALTH FINAL EXAM / 80+
QUESTIONS AND CORRECT ANSWERS 2023/2024 /
GRADED A+
Which of the following is NOT an illegal inducement - Answer- giving the insured an
article of merchandise printed with the producers name costing 5$
Which of the following is NOT a federal requirement of a qualified plan? - Answer-
employee must be able to make unlimited contributions
Which dividend option would an insurer invest the policy owner's money and add any
interest earnings as the dividends accrue? - Answer- Accumulation at interest option
a health insurance policy will typically cover - Answer- preventative health services
a life insurance policy owner was injured in a car accident which results in a total and
permanent disability. which rider would pay a monthly amount because of this disability?
- Answer- Disability income rider
in addition to the actual policy, an entire contract includes which of the following? -
Answer- the application
field underwriting preformed by the producer involves - Answer- completing the
application and collecting initial premium
Kathy pays a monthly premium on her health insurance policy. How long is her grace
period? - Answer- 10 days
Pierre is covered by his employer's group major medical plan. His employer pays for
75% of the premium and he pays for 25%. How much would a $10,000 benefit be
taxable as income under this plan? - Answer- 0$
-benefits that fall under a major medical plan are considered to be a reimbursement for
a loss, and is not taxable as income
After an insured gives notice of loss, what must he/she do if the insurer does not furnish
forms? - Answer- file a written proof of loss
Under long term care insurance, which of the following MUST an insurer offer to each
policy owner at the time of purchase? - Answer- An inflation protection feature
What is the primary factor that determines the benefits paid under a disability income
policy? - Answer- Wages
What is the tax liability for employer contributions in Health Savings Accounts (HSA's)? -
Answer- No tax payment needed
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